In what the Loudoun County Sheriff’s Office called “one of the first and the largest seizure of its kind in Virginia,” approximately $1.4 million in stolen cryptocurrency has been seized by authorities.
The sheriff’s office said the cryptocurrency was stolen through a “pig butchering” scam. That’s when victims are manipulated by nefarious means to invest in fake cryptocurrency platforms.
“This seizure sends a clear signal to bad actors that we will not allow our citizens to be taken advantage of and will do everything possible to get their money back,” Sheriff Mike Chapman said in a news release.
The sheriff’s office said this case began in April, when someone reported receiving an unsolicited message addressed to the wrong person. The suspect was able to befriend the individual and gain their trust, before encouraging them to explore cryptocurrency trading.
The suspect then manipulated the individual to create an account and invest a “substantial amount” of cryptocurrency on a trading website controlled by the suspect.
When they tried to withdraw funds months later, they found out it was a scam.
“They take you in on a ruse,” Chapman said. “They continue to pursue it and bring you along, little by little by little.”
Deputies trained in cryptocurrency blockchain investigations were able to recover $1.4 million before the money became unreachable.
“Most of the money actually goes into overseas accounts. So, you kind of lose it for forever,” Chapman told WTOP.
The Loudoun County Sheriff’s Office said detectives with its Financial and Cybercrime Unit investigated 107 cryptocurrency cases, with a total monetary loss of over $13 million last year. That’s up from 50 similar investigations in 2023.
The sheriff’s office said it urges caution when investing in cryptocurrency and suggested the following tips to avoid being scammed:
- “Treat any unexpected or misdirected communications with caution, especially if they lead to discussions about investment opportunities.”
- “Do not trust platforms or websites recommended by individuals you meet online without conducting thorough independent research.”
- “Never transfer funds or provide financial information to people you have not met in person.”
- “Scammers often promise high returns with minimal risk. If it sounds too good to be true, it probably is.”
- “Seek advice from licensed financial advisors before making significant investments.”
“If it looks too good to be true, it probably is,” Chapman said. “Just make sure you’re skeptical.”
Loudoun County residents who believe they have been targeted by a cryptocurrency scam are asked to report it to the Loudoun County Sheriff’s Office website.
WTOP’s Luke Lukert contributed to this report.